In a recent development, the price of soybean oil has been elevated by Tk4 per litre, marking a shift in the edible oil market dynamics.
State Minister for Commerce Ahsanul Islam Titu disclosed the revised prices, announcing that bottled soybean oil will now be retailed at Tk167 per litre, with the 5-litre variant priced at Tk818.
Concurrently, the price of palm oil per litre has been fixed at Tk135, while unpackaged soybean oil sees a reduction of Tk2, now priced at Tk147 per litre.
This adjustment comes after a previous VAT exemption on edible oil raw materials expired, prompting market stakeholders to reassess pricing strategies.
Earlier, a 5% VAT exemption, initiated on February 7, led to a reduction in bottled soybean oil prices to Tk163 per litre. However, upon the exemption’s lapse, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association proposed a Tk10 increase, raising concerns within the commerce sector.
Expressing dissent, State Minister Ahasanul Islam Titu disapproved of the proposed price hike, emphasizing a commitment to consumer welfare.
Despite the association’s proposal, Titu reaffirmed that the government remains steadfast in maintaining fair pricing practices, ensuring affordability and accessibility for consumers.
